The factors which can reduce a used car's value revealed

Towing, smoking in, or transporting young children and pets can easily reduce a used car’s value by more than 15%, according to our latest in-market research, which found used car buyers are less likely to consider such vehicles over otherwise identical models. 

Surveying 2668 in-market buyers, with 456 in the market for a used model, we found 85.60% would be less likely to consider a vehicle that had been smoked in over an otherwise identical model, 60.68% would be less likely to consider a model that had been used for towing, while 47.57% would avoid models that had had pets in them, and 16.80% would avoid models previously owned by families with young children. 

The research also found any of these characteristics can easily reduce a used car’s value over an otherwise identical model. 

Smoking and pet ownership were the biggest problems for used buyers, with 84.80% of buyers expecting to pay less for cars that had been smoked in compared to an otherwise identical vehicle, and 64.65% % expecting to pay less for cars that had transported pets. 

When asked how much less they’d expect to pay, 40.57% of buyers said they would expect to see the list price reduced by 15% or more compared to one which hadn’t been smoked in. More than a quarter (27.36%) said they would expect to pay between 5-10% less for a vehicle that had been smoked in and 21.23% said they would pay between 10-15% less. 

When asked how much less they would expect to pay for a vehicle that had transported pets, 37.59% of buyers said they would expect to pay between 5-10% less compared to an otherwise identical model, and 26.32% expect to pay between 0-5% less. Less than a fifth (18.05%) expect to see the list price reduced by 15% or more.

Buyers were slightly more tolerant of young children and towing, with 62.62% expecting to pay less for a car had been used for towing, and 42% expecting to pay less for a car that had transported young children. 

When asked how much less they would pay for a vehicle that had been used for towing, 37.21% said they would expect to pay between 5-10% less, while 30.23% expect to pay 10-15% less, and 20.93% would like to see the price reduced by 15% or more compared to an otherwise identical car. 

For cars that had transported young children, 40.95% of buyers expect to pay 5-10% less and 22.86% expect to pay 0-5% less. 

Though used prices are on the rise, the research highlights some of the pitfalls that can cause an otherwise identical vehicle to sell for far less.  

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